As the new year approaches, it’s customary for property experts to begin their predictions for the housing market over the coming 12 months. Will prices rise or fall? Will there be a ‘Brexit bounceback’ after March 2019?
Here at Roger Coupe, there’s only one prediction we can make with absolute certainty: we can confidently forecast that whatever 2019 brings, we will continue to work tirelessly to give the very best possible service to our customers. As a local estate agent at the heart of our community, we know we can get results that an online competitor simply cannot match. So whatever the future brings, we’ll be here on Cranleigh High Street offering the same friendly expertise.
Instead of peering into a crystal ball, in our last blog of 2018 we’d like to look back on the many positives that have come from this eventful year – positives which will continue to have an impact in the coming months.
Stamp duty savings for first-time buyers
Much has been written about the financial plight of young people trying to get on the property ladder. While no-one can deny that high prices have made home owning a real challenge for many, the government’s efforts to offer help are getting some results. Recent statistics show that first-time buyers have collectively saved around £426 million in stamp duty following a cut in the tax. First-time buyers no longer have to pay any stamp duty on transactions valued at £300,000 or less – a figure now extended to £500,000 on shared ownership purchases. In total, 180,500 people have benefited since November 2017.
We are always delighted to help new buyers on their journey to property ownership. Please get in touch to find out more about our services.
Interest rates remain historically low
Despite the increase in the base rate from 0.5% to 0.75% in August, mortgage rates remain historically low, with highly competitive deals on offer. Whether you want a fixed rate or a variable rate mortgage, our financial experts are on hand to advise.
In October this year, the Bank of England reported that mortgage approvals had reached their highest levels of the year, increasing by 2% to 66,440 approvals, worth a collective value of £12.5 billion.
There are a dizzying range of mortgage products available today; don’t hesitate to give us a ring on 01483 268555 and we’ll help you sort through the complexities.
Support for smaller housebuilders
In the autumn budget, Chancellor Philip Hammond announced £1 billion of British Business Bank guarantees to support small and medium-sized housebuilders, along with an extra £500 million for the Housing Infrastructure Fund.
While it will take time for these cash pledges to translate into homes for sale, it’s encouraging to know that measures are in place to meet growing demand for property in Cranleigh and the surrounding villages.
Thinking of moving to Cranleigh?
Whether your new year’s resolution is to downsize, upsize or buy your first ever property, please get in touch to discuss the options. As a local estate agent, we cover Cranleigh and the surrounding villages including Ewhurst, Alfold, Dunsfold, Shamley Green, Wonersh, Forest Green, Rudgwick, Loxwood, Ifold and Kirdford.
Finally, we’d like to wish all our clients a very happy Christmas and a peaceful, prosperous 2019!